Gold pricesin the futures market on the MCX continued their losing streak and last at around 11:19 am quoted lower by Rs. 116 at Rs. 49332 per 10 gm. The losses are mirroring international pricing which also saw some decline on the back of gains in the US Treasury yield. Nonetheless, the prospects of a larger US stimulus kept the gold price on course for its best week in five.
Spot gold shed 0.3 per cent to $1,863.56 per ounce by 0233 GMT, retreating from its highest since Jan. 8 hit on Thursday. US gold futures eased 0.1 per cent to $1,863.90.
"Supporting price has increased on US stimulus expectations, US-China tension and rising virus cases. Gold may witness choppy trade unless there are fresh triggers however general bias may be on the upside as US stimulus expectations may keep pressure on the US dollar," said Rao, VP- Head Commodity Research at Kotak Securities.
Similar weakness was also seen in the white metal. Silver in trade today on the MCX was last down by close to 1 percent i.e. by Rs. 600 at Rs. 66697 per kg. But the metal like gold is on course to register its best week in five.